BORROWING – IS IT A GOOD IDEA? www.LIVEforeclosureFREE.com
Borrowing means to take money or goods from a source with a promise to repay. Is borrowing money a good idea? I can see where Americans would be a lot less in debt if borrowing wasn’t a temptation. Maybe after considering this topic you will have time to think about whether or not you will want to borrow in the future. In times of extreme financial stress we have seen an enormous capsizing of large and small businesses. Economic super powers that couldn’t pay back what they owed have faltered under the weight of their debt. Perhaps in most cases borrowing was a major factor, but this information isn’t meant to be about businesses. This is about you. There are advantages and disadvantages to borrowing money. Let’s say you need to borrow from a relative to pay your mortgage this month. You chose to borrow from your mother, with the promise to pay her back within a few months. Several months later, you’re still waiting for your big commission check to come in and you haven’t been able to make the promised payment. Mom feels disappointed that you haven’t followed up on your commitment. You feel uncomfortable and guilty for not having the money. Is your mother going to disown you? Not likely! But it might make her think twice before she lets you borrow money from her again. The banks, or creditors, we borrow from are not usually personally tied to us in that manner. We might not feel it would be damaging to miss a payment or two. Unfortunately, the damage is subtle. Even though you might not see any problems right away, consider what is probably happening to your credit record and your reputation with your lender. Your lender reports to credit bureaus. If your credit status is checked after you have missed payments, you might be considered an unreliable credit risk to future lenders. Unreliable? You?! If you have to miss any mortgages, credit cards or even utility payments for any reason, you must call the lender and/or creditor and ask for an extension. Often there is a late payment grace period you might not be aware of, giving
you more time to pay. If you do not call to let someone know your situation on the borrowed account, you could suffer negative consequences. Think about all the people you know within your circle of influence. There might be someone who would actually let people borrow money from them without asking for the money back. Their feeling might be that if the borrower was able to return it, fine. If not, that’s okay too. The generous benefactor merely wanted to help someone out of a rough situation. Kind hearted heroes do exist, but maybe you don’t feel they are in your circle of influence….at least not that you’re aware of. There is really only one way to find out. Share your burden with someone you feel you can trust, and see if they have any suggestions to offer. Sometimes churches can help pay an electric bill or buy groceries for a month. United Way is another place you might find assistance. There are also help lines you can call. Click Here to see if there are any local helpful organizations in your area. To see about getting a consolidation loan for the money you have borrowed Click Here. Don’t give up! Nothing is ever solved by giving up. These are troubled times we are in and you are not alone. Keep searching until you find the help you need. As always, I encourage you to look within yourself to draw on the strength you'll need to move forward. You can do it!
Kellie These articles are copy right protected and written to help anyone seeking information to improve their situations, add personal growth to their list of priorities or coach someone they care about. I encourage you to share these articles, and when you do, please make certain they remain in their full,and complete version. Thank you!
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